BY COBHAM NSA – For the pioneer Non-Interest Bank in Nigeria, Jaiz Bank Plc, clocking 10 eventful years in the business on January 6, 2022, is no mean feat.
Commencing operations on January 6, 2012, with three branches in Abuja, Kaduna, and Kano, the Bank weathered the storms of paying the huge costs associated with pioneering Islamic banking in the country to break even within the first three years of operation, an unprecedented milestone at the time.
After a decade of sterling performance, the Bank, from a modest balance sheet size of N12 billion in 2012, impressively closed the 2020 financial year at N278 billion in total assets and Contingents, even as it grew all other key performance indices exponentially over the years.
Within this period, the Bank has, through its unique value proposition, made a remarkable impact in empowering women; driving financial inclusion; and supporting various strata of businesses in the real sector of the economy, Agriculture, Real Estate, Construction, General Commerce as well as Oil and Gas, among others.
The period also witnessed the Bank being rated by the Islamic International Rating Agency (IIRA), assigning it an investment grade rating of BBB. Most recently, the Bank also got an upgrade from both Agusto and GCR to BBB and BBB- respectively with a stable outlook. Besides, Fitch also did its’ first rating of this promising institution, and it came out at the same impressive level.
It is therefore not surprising that the Bank gained international recognition as it won the Most Improved Islamic Bank award for 2020 and 2021 consecutively from the Global Islamic Finance Awards (GIFA), among other accolades.
Clearly reveling in the giant strides taken by the Bank since its inception, Managing Director and Chief Executive Officer, Hassan Usman thanked Allaah (The Creator of all), the regulators, customers, Board, Management, staff, and other stakeholders for their tremendous support in the face of challenging operational environment.
Speaking on the journey so far, Usman said; “Today, our Bank officially clocks ten years since it first opened its doors to customers on the 6th of January 2012. The journey was much like a roller coaster – you experience some degree of fear at the onset, but subsequently, excitement takes over when the carriage takes off and you feel that euphoria of defying the odds of gravity.
“After the take-off, momentum is gradually gathered, and stopping the coaster becomes not an option, the wisest thing to do is make every jerk and movement worthwhile and impactful. That is what we did, we lived every moment, learning from each mistake, supporting our customers through thick and thin while pressing on – despite the absence of essential non-interest banking enablers – to pioneer a nascent sub-sector that is now bourgeoning with players and accolades.”
According to him; “We are happy to pioneer an industry that was not there; creating confidence for other people to come in, and we believe that we’ve done that very well. The year 2022 is special to us as it marks a decade of progress in our Islamic banking journey and I am extremely fulfilled for the opportunity of leading the team for a larger part of the journey.
“From a very humble beginning in 2012, the Bank has successfully developed a remarkable brand that is iconic both locally and internationally.”
Further looking back at the financial institution’s performance, Usman said; “You may recall in 2021, analysts at Nairametrics adjudged the Bank as the fastest growing among the listed banks in Nigeria (39.3% growth in Total Assets, based on December 2020 results) as well as the 4th most efficient based on Return on Equity (17.4%).”
He stated that the international annual rating by “The Asian Banker” (A Singapore-based leading provider of strategic intelligence on the financial services industry), ranked Jaiz Bank at 36th on the World’s strongest Islamic Banks as of 2021.
“We remain true to our Vision by building the second largest non-interest bank in Sub-Saharan Africa in just 10 years.
“The Bank is poised to leverage on its market acceptance and continue to innovate in order to consistently deliver superior customer experience in the dynamic business environment, hence maintaining its clear leadership in the non-interest banking space”, the Jaiz Bank’s Chief Executive assured.
